In a landmark decision marking its 43rd anniversary, the Bank of Maldives (BML) has announced a major reduction in its Merchant Discount Rate (MDR) to just 1% for all BML debit card transactions on BML POS terminals, alongside the introduction of a new merchant financing facility.
The MDR — a commission charged to merchants for processing card payments — had remained unchanged at 2.5% since the introduction of debit card services in 2000. This historic reduction represents the first in 25 years and is set to directly benefit more than 7,000 merchants using BML’s payment systems across the country.
BML’s CEO and Managing Director, Mohamed Shareef, said the move reflects the Bank’s deep commitment to supporting Maldivian businesses. “The Bank’s success is closely tied to the success of our business customers. On our 43rd anniversary, we are proud to introduce meaningful measures that will ease costs and improve access to finance for businesses across the country. Reducing the merchant fee to 1% is a significant change that will make a real difference for thousands of businesses.”
Further strengthening its merchant support initiatives, BML also unveiled an Advance Merchant Settlement facility, offering unsecured financing of up to MVR 2 million based on the last six months of POS sales. This new service enables quick access to cash with repayments conveniently deducted from future daily sales, providing flexibility and liquidity for growing enterprises.
In addition to the business-focused measures, the Bank has also revised its foreign spending limits for debit cardholders, increasing the monthly limit to USD 1,000 for POS transactions, and up to USD 3,000 for medical and travel purposes. These enhanced limits will take effect on 11 November 2025, with customers able to use the new thresholds immediately without further application.
Through these latest reforms, the nation’s leading financial institution continues to reinforce its role as a driver of economic growth and inclusion. As BML celebrates 43 years of service, these initiatives underscore its long-term vision of empowering both individuals and enterprises, ensuring that every corner of the Maldives benefits from accessible, innovative financial solutions.
